Reddit Sinks On Outlook

It's Benzinga, bringing Wall Street to Main Street. Reddit shares plunged 16.8% in after-hours trading Thursday after the company issued fourth-quarter revenue guidance below Wall Street expectations, according to data from Benzinga Pro. The platform reported third-quarter revenue of $895 million, beating estimates of $878.02 million. Earnings of $1.40 per share topped expectations of $1.36. Advertising revenue rose 54% to $847 million. Daily active users increased 12% to 130.3 million, while weekly active users climbed 16% to 515.2 million. Reddit forecasts revenue between $1 billion and $1.03 billion, below the $1.046 billion consensus estimate. The outlook represents annual growth of 37.8% to 42%, down from 53% in the third quarter. The guidance fell below Wall Street's estimate of $1.046 billion. Shares fell to $107.78, below their previous 52-week low of $119.27. For all things money, visit Benzinga.com.